How to Open a 403b Plan
- 1). Contact the 403b plan provider that your employer works with. The vast majority of eligible nonprofit organizations already have 403b plan providers in place. Ask your manager or HR person for the contact information of the financial services representative servicing your organization. These sales representatives often make quarterly trips to their client nonprofits.
- 2). Ask the sales representative for an account application and some information on your investment choices. When you meet the sales representative ask him for some information on how the account works and what investment choices are available to you.
- 3). Fill out the application and payroll deduction information. Once you've decided what investment options you want to use, fill out the account application and pick a payroll deduction. Most employers allow employees to make flat dollar amount contributions or percentage contributions from their gross wages.
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